We have seen impulsive declines and now we are going through a quieter period which is as we would expect from a corrective phase. I continue to look for more downside once this phase is over. Markets are also awaiting the US GDP figures tomorrow and the market reaction to these will be of interest. For example weak figures (which are likely in this environment) can be viewed negatively as it is “bad” news or positively as it may lead to more stimulation, albeit this has done pretty much zero for the economy so far but that was never the main aim.